UAE announces plans to invest US$54B in energy and triple renewables

DUBAI, United Arab Emirates (AP) — The United Arab Emirates plans to triple its renewable energy supply over the next seven years and invest as much as $54 billion to meet its growing energy needs.

UAE Vice President and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, announced the plan on Monday after a cabinet meeting. These also include investments in low-emission hydrogen fuel and the development of electric vehicle infrastructure.

He said the updated National Energy Strategy “aims to triple the contribution of renewable energy over the next seven years and invest AED150 billion to AED200 billion (US$40 billion to US$54 billion) over the same period to meet the China’s growing energy demand.”

The major oil producer has pledged to be carbon neutral by 2050 but has not fully explained how and is holding meetings COP28 Climate Summit later this year.

The latest announcement includes the establishment of an investment department, headed by Mohammad Hassan Alsuwardi. He is currently vice-chairman of Masdar Corporation, a clean energy company that has poured tens of billions of dollars into projects around the world.

Sultan al-Jaber, chairman of Masdar and chief executive of ADNOC, a state-owned company that produces millions of barrels of crude oil per day. appointed president The upcoming climate summit in Dubai.

his appointment Criticized by environmentalists, who fear the UAE will resist efforts to reduce sales of fossil fuels.Summit organizers say they want big results, but Oil producers must have a seat at the negotiating table.

The UAE’s oil wealth has fueled its transformation into a major business and tourism hub, known for futuristic cities like Dubai and Abu Dhabi. The country needs vast amounts of energy to power desalination plants to irrigate its desert golf courses, cool and air-condition shopping malls and power heavy industries such as aluminum smelters.

The UAE has a nuclear power plant and Dubai has a large solar park that met 15% of the city’s needs last year, making it largely dependent on natural gas imported from Qatar.